EW Analysis: GBP/NZD Is Looking Higher After A Pullback
Gregor Horvat | Oct 09, 2018 11:13AM ET
Hello traders, today we will talk about GBP/NZD!
GBP/NZD is very similar to GBP/AUD, which means that British Pound may stay stronger than commodity currencies like AUD and NZD. What we see is a temporary pause in wave 4, where we expect a three-wave a-b-c decline, ideally back to around previous wave iv, 38,2% Fibonacci retracement and 2.01 support area. Of course, for every analysis we need a confirmation that we are on the right track, so keep an eye on projected support and if we get an impulsive bounce followed by five sub-waves, then we may consider a completed correction and GBP/NZD can be headed back into new highs for wave 5, where we see a room for 2.05-2.06 or maybe even higher!
Keep in mind that wave 4 can be very complex, but we will remain bullish as long as it's trading within channel range and above 1.9855 invalidation level.
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